Financial Accountability Regime (Consequential Amendments) Act 2023 (68 of 2023)

Schedule 2   Application, saving and transitional provisions

Part 2   Banking sector

Division 1   Key personnel obligations

6   Pending applications to register a person under BEAR

When this item applies

(1) This item applies if:

(a) before the banking start time, an application is made to APRA under section 37HA of the old Banking Act to register a person as an accountable person; and

(b) as at the banking start time, the application has not been withdrawn by the applicant, or dealt with by APRA.

Application taken to be made under FAR

(2) The application is taken to be an application made under section 41 of the FAR Act.

Note: The Regulator may request further information under subsection 41(3) of the FAR Act.

(3) For the purposes of paragraph 41(5)(a) of the FAR Act, the application is taken to have been made at the banking start time.